LIttleton, Property Management
The Denver Business Journal reported this week that Littleton, Colorado was ranked the second-best small city in the United States by WalletHub.
“Housing costs are affordable, home-ownership rates are high, cost-of-living is comfortable, education and health care are sound and quality of life ranks high.” Denver Business Journal
Littleton Colorado has a rich history, and a doomed factory
Littleton Colorado was incorporated in March 1890 with a population of 245. Franklin Gilmore was elected as mayor the following month and the city’s first church, St. Mary’s Catholic Church, was built on Prince Street in 1901. The county courthouse was completed in 1908 and the first Littleton library was opened in 1917, designed by JB Benedict.
In 1920, the first High School was built as was the Holmes Motor Company. In 1955, the precursor to Lockheed-Martin, the Glenn L. Martin Company was being developed and offered thousands of jobs to local residents. Through the 60’s and 70’s Littleton continued to grow and the Arapahoe Community College was formed, the Chatfield Dam began to be filled with water and the Littleton Historical Museum opened, which is home to Littleton’s first log school.
The Rough and Ready Flour Mill, built in 1867 provided some of the first jobs for the gold prospectors and families during the gold rush. It burned down three times before finally closing in 1959.
Some features of Littleton Colorado you may not know about
Littleton Colorado is 9 miles south of Denver and is known for its Western Welcome Week that has been celebrated since the late 1920’s and benefits the local community.
Hudson Gardens is a 30 acre non-profit botanical gardens which was started in 1941 by Colonel King C. and Evelyn Leigh Hudson. It became a public garden 1996 and features musical guests throughout the year and makes for a beautiful wedding and event venue.
Littleton World War II Memorial was dedicated on Veteran’s Day in 2000. It is located at 6000 S. Gallup St. Littleton, Colorado in the Ketring Park.
Littleton is an up and coming neighborhood that still has a lot of small town charm. With it’s convenience to C-470 and Santa Fe, getting to and from Denver and the surrounding areas makes it a perfect suburb that maintains its community roots.
Pick up the phone and call 720 989 1996 and lets talk about investing in a rental home in Littleton Colorado!
Property Management
If you own Denver or Aurora residential investment property, then you know how much work it takes to keep up with things.
Leasing paperwork, collecting rent, and dealing with maintenance issues are just a few of the time-consuming tasks, and if you’re like most owners, you may wonder if it might be better to hire someone else to carry some of the load. As an investor, the question that probably comes to mind is “How much do property management companies charge?” There are two different approaches to this, and it’s important to know what you’re getting before signing on with any property management company.
Property management costs vary depending on the market you’re in and how the business is organized. Some companies charge a flat fee each month for management. In several major metropolitan cities, the average seems to be about $80.
Other companies price property management services on a percentage of the rent. On average, companies usually ask for about 10% of the rent collected.
Property Management
covers services such as collecting rent, working with vendors to coordinate maintenance needs, conducting property reviews, and keeping track of financial records. Sometimes there is an additional leasing fee, other times that cost is included in the property management services.
In addition, most property management companies offer additional services. Tenant placement services include thorough checks and investigation to make sure you’re getting a quality, responsible renter and is usually a one-time fee. Some companies charge as little as 50% of the monthly rental amount, all the way up to 2 times the rental amount.
While the fees can be confusing, there are two questions owners must ask. First, is the company you’re considering capable and trustworthy? Second, how does hiring a property manager change the situation?
To find a reliable company, find out if they are a member of NARPM, the National Association of Residential Property Managers. This ensures they are ethical, professional, and at the top of their field, knowing the ins and outs of their local market.
A quality property management company will change the situation for the better. First, they take over much of the responsibility, freeing up your time. Second, as experts in the field, they have knowledge that will save you money in the long run. Maybe they discover your property could go for a higher monthly rent, or they have contacts with local vendors who do better quality work for less. That, in addition to the fact that property management fees are typically tax deductible, means the monthly fees are well worth it in the long run.
In the Denver, Aurora, and Parker Colorado area, Legacy Properties-PM is an experienced property management company that is associated with NARPM. Our management fees are 10% of the monthly rent, as well as a leasing fee of 35% of the first month’s rent. If you wish to take advantage of tenant placement services, they cost 50% of one month’s rent. For more information on our services and fees, please call 720.989.1996 or contact us.
Property Management
There are ups and downs with any real estate investment experience, but the eviction process is probably the hardest thing to deal with.
Landlords who have gone through this know that having a property management company on board from the beginning makes the eviction process much easier.
The biggest reason for evictions is a tenant who is late paying the rent. A property owner has to know the terms of the lease, which states exactly when rent is due, and if there is any grace period.
There are specific guidelines for the eviction process including:
Serving the tenant with a 3-day notice to “Pay or Quit”
How to serve the notice (whether it requires hand-delivery or via certified mail)
How to count the three days (the delivery day does not count, nor do weekends or holidays).
The eviction process requirements vary by state.
If the tenant will not leave, then you must go to your local court to start legal proceedings. You will be given a court date and will need to have the tenant summoned. When going to court bring any and all documentation to support your claim, including communication between you and the tenants, receipts, bounced checks, a copy of the lease, and proof of the 3-day notice. It may seem like an easy case, but this is where it gets complicated.
In Colorado, courts will decide in favor of the tenant
Since many tenants can’t deny they failed to pay the rent, they try to get out on a technicality. If you failed to complete any part of the eviction process or forgot to “dot an I or cross a T,” the court will decide in favor of the tenant. Then you have to start the process over.
The eviction process is complicated, time-consuming, and extremely stressful. The best thing you can do is partner with a property management company from the start, so there’s no need to panic when it gets to this point. They take care of all the legalities, including signing the lease and collecting the rent. If there is a problem, they know the eviction process and have the proof to go to court and win the eviction.
If you own investment property in the Denver area, contact us or call 720.989.1996 to take advantage of property management services. Legacy Properties-PM has the experience to find quality tenants so you probably won’t have to deal with an eviction in the first place, but if it comes to that, we know exactly how to handle it.
